UPM (UPM.HE, UPM FH)

• Mkt. Cap (€ m):15099.4
• Shares (m):533.7
• Free Float (%):98.3

• UPM

  Closing Price (c): 2829.0

• RATING 09/01/25

  OUTPERFORM

• PREVIOUS RATING 17/09/24

  NEUTRAL

Justin Jordan

Analyst

Research

• +44 207 4488892
• justin.jordan@davyuk.com

Company Profile

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Major Shareholders	%
The Vanguard Group, Inc.	3.4
FIL Investments International	3.2
Norges Bank Investment Management	2.5
Canada Pen. Plan Investment Board	2.2
BlackRock Fund Advisors	2.0